Gold Mountain Ltd (ASX:GMN) $2.5m Funding to Advance Flagship Wabag Project
$2.5m Funding to Advance Flagship Wabag ProjectSydney, May 12, 2021 AEST (ABN Newswire) - Gold Mountain Limited (
ASX:GMN) is pleased at announce that it has received a combination of funds and commitments from investors totalling A$2.5 million.
The proceeds of the funding will be used to provide general working capital. GMN is advancing its flagship Wabag Project in the Enga Province in Papua New Guinea and the funding provides investor confidence in the Company and the Wabag Project.
Funding Details
The funding will be provided by way of placement of ordinary shares in the Company (Shares) based on a placement Price of $0.04 per Share. The Price is very close to the Company s VWAP over the period of the raise which was around $0.041 per Share. The provision of funds and commitments have been made by a number of sophisticated investors (Investors). Approximately $1 million of this funding wa